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Sauces & Spices - Equatorial Guinea

Equatorial Guinea
  • Revenue in the Sauces & Condiments market amounts to US$44.62m in 2024. The market is expected to grow annually by 5.68% (CAGR 2024-2029).
  • In global comparison, most revenue is generated China (US$46bn in 2024).
  • In relation to total population figures, per person revenues of US$25.42 are generated in 2024.
  • In the Sauces & Condiments market, volume is expected to amount to 7.91m kg by 2029. The Sauces & Condiments market is expected to show a volume growth of 1.0% in 2025.0.
  • The average volume per person in the Sauces & Condiments market is expected to amount to 4.3kg in 2024.

Definition:

The Sauces & Spices market covers all substances that are additional ingredients used during the food preparation process. Sauces are defined as liquid or semi-liquid preparations that are used to improve the flavor, texture, and appearance of a dish. Spices are dried seeds, fruits, etc. that are added to food to add taste, scent, and color.

Structure:

The market consists of three different submarkets:

  • The Tomato Ketchup market covers seasoned sauces most commonly based on tomatoes. It is often used as a condiment for fast food such as burgers and fries.
  • The Other Sauces market covers other types of sauces other than ketchup, such as mustard, mayonnaise, soy sauce, BBQ sauce, and other emulsified sauces as well as products for preparing sauces, i.e., gravy granules and bouillon cubes.
  • The Spices and Culinary Herbs market covers salt, spices, and culinary herbs such as pepper, chilis, curry, parsley, rosemary, and thyme.

Additional Information:

The market comprises revenue and average revenue per capita, volume and average volume per capita, price per unit (unit refers to kilogram), sales channels. The market encompasses retail sales through both online and offline sales channels to private end customers (B2C). The market only covers at-home consumption; out-of-home consumption is not included.

For more information on the displayed data, click the info button on the right side of each box.

In-Scope

  • Ketchup
  • Sauces
  • Seasonings
  • Spices and herbs

Out-Of-Scope

  • Vegetable Oils
  • Out-of-home consumption
Sauces & Spices: market data & analysis - Cover

Market Insights report

Sauces & Spices: market data & analysis

Study Details

    Revenue

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Volume

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Price

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Sales Channels

    Most recent update: Nov 2024

    Source: Statista Market Insights

    Global Comparison

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Analyst Opinion

    The Food market in Equatorial Guinea has seen minimal growth in the Sauces & Spices Market, influenced by factors such as limited consumer awareness and traditional food preferences. However, with increasing adoption of digital technologies and online marketplaces, the market is expected to see gradual growth in the coming years.

    Customer preferences:
    As consumers become more health-conscious, there has been a growing demand for natural and organic sauces and spices. This trend is driven by a desire for clean and sustainable food options, as well as a shift towards healthier eating habits. Additionally, the rise of online grocery shopping and meal delivery services has made it easier for consumers to access a wider variety of healthy sauces and spices from around the world. This trend is expected to continue as more consumers prioritize health and wellness in their food choices.

    Trends in the market:
    In Equatorial Guinea, the Sauces & Spices Market within The Food market is experiencing a surge in demand for natural and organic products. This trend is driven by growing health consciousness among consumers, who are increasingly seeking clean label options. Additionally, there is a rising preference for ethnic flavors and unique ingredients in sauces and spices. Industry stakeholders must adapt to these trends by diversifying their product offerings and incorporating sustainable sourcing practices to meet the changing consumer demands. This shift towards healthier and more diverse options is expected to continue, presenting opportunities for growth and innovation in the market.

    Local special circumstances:
    In Equatorial Guinea, the Sauces & Spices Market within The Food market is heavily influenced by the country's rich cultural diversity, as well as its geographical location in Central Africa. The use of locally grown ingredients and traditional cooking methods is a key factor in the market's dynamics. Additionally, government regulations and policies around food safety and import/export can impact the availability and pricing of various spices and sauces. These unique factors contribute to the distinct flavor profiles and offerings in the market, making it stand out from other markets in the region.

    Underlying macroeconomic factors:
    The Sauces & Spices Market within The Food market in Equatorial Guinea is heavily impacted by macroeconomic factors such as economic growth, government policies, and consumer spending. The country's strong economic growth, with a projected 4.5% increase in GDP in 2021, is expected to drive consumer spending and increase demand for food products, including sauces and spices. Additionally, government policies aimed at promoting domestic production and reducing reliance on imports are also expected to boost the market. However, challenges such as limited infrastructure and a small market size may hinder market growth.

    Methodology

    Data coverage:

    The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).

    Modeling approach:

    Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.

    Forecasts:

    In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

    Additional notes:

    The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.

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    Key Market Indicators

    Notes: Based on data from IMF, World Bank, UN and Eurostat

    Most recent update: Sep 2024

    Source: Statista Market Insights

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